Bankruptcy | OMD Law Practice Areas
BAD THINGS CAN HAPPEN TO GOOD PEOPLE. WE CAN HELP. Financial problems can be devastating and impact many aspects of your life. Financial problems can sometimes lead to depression and marital difficulties. Bankruptcy may provide the relief you need. We understand the events that often lead to financial difficulties:
- Unemployment
- Illness, injuries, and mounting medical bills
- Rising mortgage payments
- Expanding families
- Struggling and failed businesses
- Rising credit card payments
- Garnishments
- Accidents
- IRS and other tax debts
- Unexpected emergencies
Even simple overspending can cause honest and hard-working people to fall behind in the payments of their bills. We will spend time talking to you and determine the best solution for a fresh start. We will explore non-bankruptcy solutions first. If bankruptcy is the right solution for you, however, we will give your case exceptional personal attention. We have represented thousands of clients in bankruptcy, and we understand the process can be embarrassing and upsetting. We will explain the process to you and keep you informed at all times. Most importantly, we will aggressively protect you from creditors and do everything to get you headed back in the right direction.
What Do I Need to Get Started?
Call and schedule an appointment to meet with us at one of our convenient locations. Our initial consultation is free. We will discuss your situation, and if bankruptcy is the right solution we will quote a flat fee to represent you from beginning to end. We will discuss any additional fees that could arise in difficult cases, so there will be no surprises.
Our standard retainer fee (deposit) is $300.00. Once you retain our services, we will open a file and begin to prepare your case for filing. You may also refer your bill collectors to us and we will inform them that we represent you. Most creditors will stop calling once they confirm our representation. We will provide you with a packet of useful information, including a checklist of all the documents you must provide. If you would like to get started right away, you should bring your most recent credit card statements and other bills. While a separate list can be helpful, we prefer to have the actual statements to ensure that notices are provided to the correct addresses. We will also require your most recent income tax returns, pay stubs for the past six months, and copies of your car titles. If you are unable to bring these documents to your first appointment, we will provide you with a complete checklist for your next appointment.
Learn more about the different aspects of BankruptcyChapter 7
Chapter 7 is the liquidation chapter of bankruptcy and what most people refer to as “total bankruptcy.” Chapter 7 gives you a fresh start and will discharge your credit card, medical, business, and other debt without any monthly payments. Your creditors will never be able to contact you again. In most cases, you can keep your house and car, in addition to everything else you own. Chapter 7 is not right for everyone, but we will evaluate your circumstances carefully and try to make your bankruptcy as quick and painless as possible. You may have heard that bankruptcy laws eliminated Chapter 7, but this is not true and Chapter 7 remains an option for many of our clients.
Chapter 13
Chapter 13 is a plan for reorganization, similar to debt consolidation. You will make a single monthly payment to the Chapter 13 Trustee, who will then disburse payments to your creditors. A Chapter 13 typically requires payments for 36 to 60 months, and in most cases you will pay only a fraction of your credit card and medical debt, not all of it. You should rest assured that your monthly payment will be affordable. Most people who file Chapter 13 cases are delinquent in their mortgage payments. A Chapter 13 reorganization plan allows you to bring your mortgage current, usually on better terms than your mortgagee will offer. Another benefit of Chapter 13 is the ability to keep all of your assets, no matter how valuable. So, if you are concerned about too much equity in your home or protecting family heirlooms, a Chapter 13 bankruptcy might be a good solution for you.
Collections
Bill collectors can be merciless. They call and call. They insult you and disregard all of your reasonable efforts to work with them. They make threats of garnishment and criminal charges, and they often lie. Eventually they may call your employer, family, or neighbors. If bankruptcy is the right solution for you, we can help stop the calls.
Foreclosure
If your home is in foreclosure, do not panic. Come in as soon as possible, and we can discuss your options. A bankruptcy will stop the foreclosure. If you want to keep your home, a Chapter 13 may allow you to cure the arrearage and get back to normal. If you can no longer afford your home, or wish to abandon your home for some other reason, a Chapter 7 may discharge your obligation to the mortgagee.
Lawsuits & Judgments
Garnishments
Are your wages being garnished, or did you receive notice they are about to be garnished? Bankruptcy will stop the garnishment. It does not matter how long your wages have been garnished or how much you still owe.
Income Tax Refunds
Income tax refunds are considered cash in a bankruptcy. Therefore, it is important for you to consult with an attorney before you receive your refunds. When you receive an income tax refund prior to filing a bankruptcy, you should never pay back loans to family members, friends, or employers, and you should never send more than $600.00 to one of your creditors.
Bankruptcy Documents
Disclosures
Notice to Individual Consumer Debtor 342(b)
Disclosure Pursuant to 11 U.S.C. 527(a)(2)
Important Information About Bankruptcy Assistance
Bankruptcy Information Sheet
Forms
Child Support Authorization – Hamilton County
Chapter 13 Budgeting Worksheet
How to Obtain Deeds & Mortgages
Map and Directions to the Hamilton County Recorder’s Office
Credit Counseling & Financial Management
Information from the Cincinnati Chapter 13 Trustee
How to Access Your Chapter 13 Case Information
Documents
Documents Required for Chapter 7
Documents Required for Chapter 13
Courts
Map & Directions to Court for Meetings of Creditors & Hearings
Map & Directions to URS Center for Cincinnati Meetings of Creditors
click here for directions
Map & Directions to Court for Cincinnati Hearings
Helpful Bankruptcy Links
Bankruptcy
Bankruptcy
What Do I need to Get Started
Do I have any options other than bankruptcy?
Which chapter is right for me?
Can I keep my house?
Can I keep my car?
Will I lose any of my property?
Do I have to list all of my creditors?
What if I have creditors I don’t know about?
What if I want to pay some of my creditors?
What happens with my income tax refunds?
What happens to my credit?
Do I have any options other than bankruptcy?
Bankruptcy is never the only option. During our initial consultation we will evaluate your total debt and determine whether bankruptcy is the best option. For most clients with credit card and medical debt, we can discuss whether credit counseling might be appropriate. We also represent many clients in direct negotiation and settlement of their debts, including the defense of pending lawsuits. Business clients also have many options to avoid bankruptcy, and we will formulate the best possible strategy.
Which chapter is right for me?
If you are more than a payment behind on your mortgage, have valuable assets, owe significant debts for electronics, appliances, or furniture, or you can afford to make monthly payments toward your debts, then Chapter 13 may be appropriate for you. For those with mostly credit cards and medical bills, Chapter 7 may be appropriate. We will analyze your situation carefully and explain how Chapter 7 and Chapter 13 can help you.
Can I keep my house?
Most of our clients keep their homes, regardless of whether they file Chapter 7 or Chapter 13. We will analyze your situation carefully, and we will give our honest opinion as to whether we believe you can afford to keep your home. If so, we will recommend a solution that provides the best relief from your other debts to protect your home.
Can I keep my car?
Most of our clients keep their car, regardless of whether they file Chapter 7 or Chapter 13. In most cases, you will continue to make your monthly car payment as if you never filed bankruptcy. Sometimes, however, we may be able to recommend a solution that actually lowers your car payment.
Will I lose any of my property?
You will rarely lose property in a Chapter 13 reorganization plan. In a Chapter 7, however, there are limits to what you may keep. Most of our clients keep all of their possessions. We will discuss all of your assets and recommend a solution that allows you to keep everything you wish to keep.
Do I have to list all of my creditors?
You must list all of your debts. You will be asked to testify under oath that you listed all of your debts. Therefore, you must include debts that you intend to pay after the bankruptcy is filed, including mortgages, car loans, credit unions, and loans from family members. Even though a debt is listed, bankruptcy law does not prohibit you from paying the debt. For example, most people keep their homes and cars, and some debts must be paid because they cannot be discharged, such as taxes and student loans. Your attorney will explain how each of your debts will be treated.
What if I have creditors I don’t know about?
Many people owe debts for which they no longer receive statements. If you have debts that were charged off, or you simply cannot be sure whom you owe, we recommend that you obtain a credit report. There are three major credit reporting bureaus in the United States: Equifax, Experian, and TransUnion. Each credit reporting bureau is required to provide you with a free credit report every year. To obtain free credit reports, visit www.annualcreditreport.com. If you are no longer eligible for a free credit report, you may contact the credit reporting bureaus directly.
In most Chapter 7 cases, all debts will be discharged, regardless of whether they are listed, as long as they are not omitted intentionally. In some cases, however, a debt will not be entirely discharged if it is not listed. You should not feel obligated to obtain a credit report if all of your debts are relatively recent and you possess enough information to provide every creditor with notice of the bankruptcy. Otherwise, you should make every reasonable effort to identify all of your creditors.
What if I want to pay some of my creditors?
Bankruptcy law does not prohibit you from paying debts after your bankruptcy case has been filed. For example, most people keep their homes and cars, and some debts must be paid because they cannot be discharged, such as taxes and student loans. In addition, you may repay loans to your family, friends, employer, and credit union. You may also continue to repay loans from your retirement plan. In some cases, the debt will be discharged and repayment will be entirely voluntary. In other cases, you will reaffirm the debt and it will not be discharged. Your attorney will explain how each of your debts will be treated.
What happens with my income tax refunds?
Income tax refunds are considered cash in a bankruptcy. Therefore, it is important for you to consult with an attorney before you file your tax returns, or at least before you receive your refunds. When you receive an income tax refund prior to filing a bankruptcy, you should never pay back loans to family members, friends, or employers, and you should never send as much as $600.00 to one of your creditors. If you file bankruptcy before you receive your refunds, however, your bankruptcy trustee may keep all or a portion of your income tax refund and send payments to your creditors. Your attorney will discuss this issue with you and recommend a solution that protects all or most of your income tax refunds.
What happens to my credit?
Bankruptcy has the most adverse impact on your creditworthiness. Your debts will remain on your credit report for an additional seven years, and each should be reported as included in your bankruptcy. The bankruptcy case itself will be reported for ten years. If bankruptcy is the right solution for you, your attorney will discuss some of the best ways to re-establish your credit after bankruptcy. Regardless, you must be prepared for the serious and permanent impact that bankruptcy can have on your credit.
Bankruptcy Fees
Our fees are different for every client because they are based on the actual difficulty of the case. We charge fair and reasonable fees in every case. Our fees vary because we want to be sure that our clients with simple cases never pay too much. Our fees typically start at $500.00 in addition to the court costs.
